Brazil’s Cemig Q1 net doubles as revenue climbs

SAO PAULO, May 7 (BestGrowthStock) – Profits at Cemig
(CMIG4.SA: )(CIG.N: ), the Brazilian power utility controlled by
Minas Gerais state, doubled in the first quarter of 2010
following price adjustments.

Net income for Cemig rose to 82.9 million reais ($44.8
million), from 40.3 million reais a year earlier, according to
a securities filing.

Earnings before interest, taxes, depreciation and
amortization, a measure of operating profit and cash generation
known as EBITDA, rose to 241 million reais in the first quarter
from 63.9 million reais in the year-earlier period.

Revenue rose 35 percent to 2.83 billion reais but was
partly offset by an increase of 40 percent in operational costs
and expenses to 1.47 billion reais, the company said in a
filing.

Stock Market Money

(Reporting by Peter Murphy; Editing by Derek Caney)

Brazil’s Cemig Q1 net doubles as revenue climbs